A private mortgage investment business involving pooling of investor funds, where investors do not have day-to-day control over the use of their contributions, constitutes a managed investment scheme within s 9 of the Corporations Act and must be registered if it exceeds the thresholds in s 601ED(1). Indemnity costs may be awarded against a defendant in ASIC enforcement proceedings where the defendant's conduct was unreasonable and the defence was pursued for the ulterior purpose of avoiding full disclosure.
The full text is available to signed-in members, including the 19 later cases that cite this judgment.
1 of the 19 citing cases carry a classified treatment. How each court treated it is available to signed-in members.